End-of-life financial planning can be a sensitive subject, but it’s a crucial one. Crescent Grove Advisors managing director and senior client advisor Gregg George joins Wealth! to discuss how individuals should approach this important task.
George advises that people should start considering end-of-life financial planning in their early 30s. He notes that during this time, individuals are typically “starting a family of their own,” emphasizing that “one needs to plan for the event.” While this may seem young, George cautions that “unfortunately, bad things can happen,” so it’s better to have “lined things up” for those “who survive you.”
“This is a process,” George tells Yahoo Finance. “What you’re thinking about when you’re 45 is much different than what you’re thinking about when you’re 55, 65, etc.” He stresses that starting early allows time to “periodically revisit” these plans and ensure they align with your current wishes.
Millennials have been increasingly referred to as “the sandwich generation,” as they come of age to take care of both their own children and their aging parents who may be putting their own end-of-life arrangements in order.
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